Macy’s is evolving and adapting to consumer behavior changes by opening smaller department stores that compete with stores such as T.J. Maxx. Macy’s plans to open three “Market by Macy’s stores” in cities across the United States which are just 1/5th of the size of their typical department stores. They are shifting and opening stores where they see many people shopping online but also want to have a brick-and-mortar presence. These stores will have a select inventory but also options to buy online and pickup in store.
Since the pandemic there has been a trend for retail to move away from big, crowded malls to smaller and more convenient locations for customers. Other stores that are following the trend include, Gap, Nordstrom, Bloomingdales, and Kohl’s. It will be interesting to see what might pop up around town here in the Tampa Bay Market!
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Macy’s speeds up plans to open smaller stores outside of malls (cnbc.com)
About The Author: Jeff Dervech
Jeff Dervech is a Tampa local commercial real estate agent, specializing in the arena of retail strip center and shopping centers.
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